Governments Urged to Pick Up Pace on Economy

By

Brian Blackstone

Updated June 23, 2013 8:20 p.m. ET

Efforts by the world's "overburdened" central banks to stabilize financial markets have allowed governments to delay necessary overhauls to their economies and banking systems, the Bank for International Settlements said in its annual report Sunday.

The warning from the BIS, a consortium of the world's top central bankers, comes as uncertainty over the course of monetary policy, particularly in the U.S., has led to a steep...